About Us

By astropreneurs | Filed in About Us | No comments yet.

In the summer of 2006, Karina was an intern at the X PRIZE Foundation where she met Darrell Cain, the Chapter President of MIT SEDS. Karina talked with Darrell about creating a club at MIT for students interested in space entrepreneurship, and he insisted she meet Stevie Steiner, who was also [involved with SEDS and President of the MIT Zero G club]. Stevie and Karina realized their common interests and quickly became friends. In September, they co-founded the MIT Astropreneurs Club with the goal of bringing people together across campus interested in space business. Within the first month, MIT Astropreneurs had over 50 members.

Stevie and Karina are a great example of business and technology experts working together toward a common goal. Their passion for space is what motivates them to inspire entrepreneurs to invest time and resources into the space industry by building sound, quality businesses.

Karina Drees

Karina Drees is the COO/CFO of TRX Systems, a startup company developing the most reliable and comprehensive indoor tracking system. Prior to TRX, she ran finance and operations for a number of startup companies in the Arizona region. She successfully co-founded a network vulnerability assessment company, which is still operating today. Karina holds a BS in Finance from Arizona State University and an MBA from the MIT Sloan School of Management. At MIT, she chaired the MIT $100K Entrepreneurship Competition, which is the world’s leading business plan competition, from 2006 to 2007. Through the $100K, Karina helped aspiring entrepreneurs through the process of forming teams, perfecting business ideas, writing winning business plans and gaining exposure to the Boston investment community.

Karina attended the International Space University Summer Session Program in Beijing, China in 2007. At ISU, she focused her individual project on space policy and her team project on space traffic management. Now a resident of Washington D.C., Karina stays connected with the space community through volunteer efforts, and is the Chair of the 2008 National Space Society ISDC Space Investment Symposium.  

Stephen (Stevie) Steiner

Stephen (Stevie) Steiner is a PhD student in Aeronautics and Astronautics at the Massachusetts Institute of Technology working in the Technology Laboratory for Advanced Materials and Structures under the direction of Professor Brian Wardle.  He holds a Master’s degree in Materials Science and Engineering from MIT, where he studied fundamentals of carbon nanotubes and nanotube growth on carbon aerogels, and a B.S. in Chemistry from the University of Wisconsin-Madison, where he studied synthetic organosilicon chemistry.

Steiner’s research interests regard the synthesis and characterization of advanced nanomaterials, particularly high strength-to-weight ratio and high surface area-to-weight ratio materials.  Steiner’s current research focuses on the elucidation of the physical mechanisms which underlie carbon nanotube growth, discovery of new nanotube catalysts, and growth of aligned nanotubes on carbon substrates.  Steiner also has a long history investigating aerogel materials, having built a supercritical reactor in his basement at age 17 and having flown numerous experiments making gels and aerogels in zero-gravity aboard NASA’s KC-135A as a college student.  He has been featured in numerous documentaries for his work on advanced materials on the National Geographic Channel, PBS NOVA, and the BBC. Steiner is also the team lead for a NASA Centennial Challenges Strong Tether Competition team, which in 2007 demonstrated the first two-gram, two-meter nanotube-only tether ever produced. Steiner works as one of eight FAA-certified flight directors for the Zero Gravity Corporation, where he was hand-selected to fly with Stephen Hawking on his groundbreaking zero-gravity flight in April 2007. He also engages in due diligence consulting for a Boston-based venture capital firm.

digg del.icio.us TRACK TOP

Business Plan

By astropreneurs | Filed in Business Planning | No comments yet.

Your business plan is a detailed description of your business. You cannot outsource the writing of your business plan. Investors will ask to see the document if they become interested in your business. However, keep your plan somewhat confidential. It needs to be detailed enough for anyone to understand your business, but make sure it doesn’t end up in the hands of a potential competitor. Click here for a suggested business plan template.

digg del.icio.us TRACK TOP

Comments Off

Executive Summary

By astropreneurs | Filed in Business Planning | Comments Off

The executive summary is a miniature version of your business plan. Keep it to 2-4 pages and make sure you cover all of the main elements in your business plan. Click here for an executive summary template.

digg del.icio.us TOP

The Pitch

By astropreneurs | Filed in Getting Started | No comments yet.

You must be able to effectively communicate your business concept in 60 seconds or less at a moment’s notice. Imagine you are in an elevator with your ideal customer. How to you get his attention and make sure you get the follow up call? A good pitch states the problem, your solution, and how you are going to achieve that solution.

Example: Information about space business is not centrally located or easily accessible by aspiring entrepreneurs. Astropreneurs.org provides the tools necessary for aspiring space entrepreneurs to build space businesses by centralizing information about the space industry and providing information on business planning, accessing capital, and building teams in an interactive community-oriented site.

digg del.icio.us TRACK TOP

Protecting Your IP

By astropreneurs | Filed in Getting Started | No comments yet.

Intellectual property (”IP”) is a critical asset of most businesses.  IP includes patents, copyrights, and trademarks.  Investors take IP seriously, and having IP securing aspects which are critical to your business will strengthen your case.

Patents protect technologies by granting the inventor exclusive rights to derive profit from a particular invention for a fixed period of time and the authority to allow others to derive profit from that invention.  Patents not only cover technologies such as devices but also processes, business models, and algorithms, to name a few.  A patent is essentially a document which informs the pubic exactly what your invention entails and how to implement your invention, in exchange for exclusivity to derive profit from the invention.  In the United States, the first inventor of a technology is entitled to the patent for that technology, regardless of whether or not the technology has already been patented.  Elsewhere in the world generally the patent goes to the first to file.

Copyrights similarly protect compiled works such as books, webpages, musical compositions, software, and others.  In the United States, anyone can declare a work to be copyrighted and secure their rights to derive profit from the work by simply stating the work is copyrighted.  However, a copyright can also be registered with the United States Patent and Trademark Office to ensure original authorship in the event of an authorship/implementation/distribution dispute.  Elements of software are subject to both patents and copyrights-a patent would protect a particular technology or algorithm in a piece of software where the copyright would protect the specific code which makes up the software.  Notably, piece of software which achieves the same result as copyrighted software but written independently with unique code does not violate the copyrighted software’s copyright and is fair game. 

Trademarks protect symbols, phrases, and aspects of a company’s brand or identity.  Similar to copyrights, in the United States trademarks can simply be declared by placing a superscript “TM” after the symbol, name, or phrase.  However, trademarks can also be registered with the United States Patent and Trademark Office to strengthen protection of the trademark upon a dispute.  In the United States, generally the first to practice use of a trademark is entitled to the trademark, however contingent on a number of conditions.

More on patents, copyrights, and trademarks is available at www.uspto.gov.

digg del.icio.us TRACK TOP

Gaining Exposure

By astropreneurs | Filed in Getting Started | No comments yet.

There are numerous ways for your business ideas to gain exposure. Networking is essential to meet potential team members, customers, strategic partners, and investors. Attend events in the industry (such as conferences) to meet people. If you are a student exploring entrepreneurship, consider participating in your university’s business plan competition. Most major universities have competitions, which provide valuable experience for aspiring entrepreneurs.

digg del.icio.us TRACK TOP

Building a Team

By astropreneurs | Filed in Getting Started | No comments yet.

If you think you are ready to start and grow a business by yourself, prepare to fail. Ideas are cheap. Finding the right people to execute ideas is critical in business. Even with the most revolutionary business idea or technology, investors place their bet on the team. You will need to have a diverse team with both business and technology experience. Your business team must include people with sales and marketing as well as financial experience. 

As with many things in life, the people around are critical to your success and happiness.  The space industry is a relatively small and close-knit group of people who share the same visions for the future. It is important to value relationships with others in the industry and to network. People are a valuable resource!  Here are a few pieces of advice to keep in mind:

  •       Make an effort to connect with people-go to conferences and networking events within and       outside of your area of expertise
  •       Don’t be afraid to ask for help
  •       Don’t be afraid to say “no”
  •       Be friendly with your competitors
  •       Know the difference between friends you can trust and friends you can work with
  •       Reciprocate–avoid one-way collaborators and avoid being a one-way collaborator
  •       Potential customers may lie in unexpected places
digg del.icio.us TRACK TOP

Investment and Capital

By astropreneurs | Filed in Investment and Capital | No comments yet.

 

Raising capital

Raising money can be challenging and time-consuming. No matter how much money you receive, until you make a profit you will constantly be fundraising. A few things to keep in mind:

  •       You will need more money than you think.
  •       Your financial projections are likely understated.
  •       It will take longer for you to ramp up your sales than you expect.

When it comes to the financial side of your business, be conservative on your financial projections and ask for twice the amount of money you think you’ll need. Cash is king in business; use it wisely.

Early Stage Investing

For space businesses, government grants are a great way to earn some startup capital to prove your concept. SBIR grants, among others, are offered for many innovative business ideas and best of all, don’t have to be paid back and don’t take any equity from your company.

Friends and family is a primary method for entrepreneurs to obtain startup capital. If you have confidence in your business, you should have no trouble asking for money. Keep in mind that this is one network you can’t afford to be without so understand what you’re asking for before risking their hard-earned cash.

Strategic partners can provide the necessary funds to help get your company off the ground. While you’re assessing the market and the competition, find some big players who may not be able to fill the niche you’re in. It’s sometimes more costly for large companies to fund new internal projects and you may be just what they’re looking for. Use some caution and common sense here, however. Some large companies have bad reputations for stealing startup concepts and even IP because they know there is a good chance you’ll be out of business soon. Read Protecting your IP for more information.

Customers are of course the best way to fund your business. Often entrepreneurial teams will contact potential customers during the business planning stages to inquire about their interest. If you have planned appropriately and the demand is high enough, it may be possible to get preorders and contracts before you have produced your first unit.

Angel Investors

Individual private investors or “angel investors” are very similar to VCs in that they provide cash in exchange for equity in your company. Angels invest in startup and early stage companies and provide some leadership experience with board placement and may help you find experienced executives to move your business to the next level. The funds provided by angels are much lower than you might expect from a VC, but it could be enough to reach a milestone and prepare for your next round of investment.

Venture Capital

Venture capital firms (”VCs”) are organizations that invest in business start-ups in exchange for ownership and/or control over the business. Don’t go straight to a top-tier venture capital firm with a business plan and inexperienced team and expect to get funded. These occurrences are quite rare because venture capitalists are extremely risk averse. They fund companies that they are relatively certain will be successful. Most companies that receive venture funding already have revenue and need the additional funds for growth. Expect to give up a great deal of control of your business if you accept VC money. Read the Pros and Cons of Venture Capital for more information.

digg del.icio.us TRACK TOP

Next Steps

By astropreneurs | Filed in Next Steps | No comments yet.

 

Getting Advice

Once you are confident with your business plan and feel you are ready to ask for funding, be sure to practice your pitch and presentation on people who can offer you feedback and advice. Keep in mind that everyone will have their own opinion about your presentation and be ready to accept their criticism, but not to the extent it will compromise your vision. In the end, you are the team that has to execute on the business so if the advice consistently leads you down a different path that you are not comfortable with, either get new advice or find a different way to finance your business.

Astropreneurs is available to provide advice and guidance, should you have difficulty finding the right people to offer feedback.

Stock Distribution

Get your conversations about stock distribution among the management team out of the way well before presenting to investors. They will likely expect the acting CEO to have more ownership than the rest of the team. While the founders might like to have equal shares, investors need to know that key individuals have more incentive to remain involved. Make sure everyone is in agreement well in advance because if your team is not unified before meeting investors, this will probably cost you the deal.

digg del.icio.us TRACK TOP

Business plan basics

By astropreneurs | Filed in Business Planning | No comments yet.

 

A business plan is a selling document used to describe, in detail, what your business is and how you will be successful. The business plan is a result of a planning process. It must be defensible and project your image while retaining the vision. Click here to download the Business Plan Basics guide.

digg del.icio.us TRACK TOP